Russia will allocate $700,000 to Armenia via the United Nations Industrial Development Organization (UNIDO), Russian foreign ministry said in a statement.

The funds will be allocated for implementation of project “Improving the competitiveness of export-oriented industries in Armenia by modernizing and expanding access to markets”.

According to the statement, this aid confirms readiness of Russia in a spirit of partnership to support  friendly Armenia with necessary assistance in order to ensure sustainable socio-economic development.